What Bitcoin Did

Eric Yakes, an investor and Bitcoin-focused analyst, shares insights on the current state of Bitcoin. He argues that price is determined by fundamentals rather than cycles. Yakes explains the impact of marginal supply and demand, and how institutional groundwork precedes significant Bitcoin price shifts. He discusses the potential for nation-state adoption and why liquidity constraints hold back Bitcoin's growth. Additionally, he explores the looming threat of quantum computing and the importance of developing quantum-resistant technologies.

Jeff Walton, a corporate executive and Bitcoin treasury specialist, dives into the evolving landscape of Bitcoin treasuries and institutional adoption. He discusses the survival strategies of treasury companies, the potential for yield through Bitcoin-backed finance, and the rise of digital credit. Walton forecasts explosive growth in corporate adoption, alongside the risks facing smaller treasuries. The conversation also explores Strive's innovative strategies, including their perpetual preferred equity product and the impact of market dynamics on treasury firms.

Join Eric Yakes, co-founder of Gridless and Bitcoin mining entrepreneur, Phillip Walton, energy project expert, and Mark Kamau, Kenyan UX designer, as they explore the transformative power of Bitcoin for electrifying remote African communities. They discuss the journey to the off-grid village of Saru, how Bitcoin mining makes energy projects profitable, and the failures of traditional NGOs. Learn about the emerging circular Bitcoin economies in Kenya and how local insights shape the future of energy and technology adoption.

Seb Bunney, an author and monetary systems commentator, dives into the impact of broken money on societal structures. He shares his journey from mountain-biking to uncovering how monetary policy affects everything from housing to politics. Seb discusses why younger generations lean towards socialism, the failings of democracies, and the potential of Bitcoin to realign societal values. He introduces his essay on the distortions in language and science, arguing for separation of money and state to foster true incentives.

George Bodine, a former Navy pilot turned artist and Bitcoin advocate, shares his riveting journey from trailer parks to Top Gun. He predicts the next 3–5 years will be the most volatile for Bitcoin, discussing the looming threats from AI and quantum computing. George warns of massive job disruptions and highlights the global arms race for energy and compute power. Furthermore, he critiques Bitcoin's community dynamics, stressing the urgency of addressing mining centralization and maintaining the integrity of the protocol. His blend of art, technology, and finance makes for an engaging listen!

Phong Le, CEO of Strategy and former CFO at MicroStrategy, dives into the world of Bitcoin treasuries. He reveals how MicroStrategy transformed its cash reserves into Bitcoin and the innovative credit markets they've developed. Phong explains the structure and benefits of preferred securities, addressing dilution and yield generation even during price downturns. He shares insights into corporate adoption challenges and his bullish stance on Bitcoin's future, emphasizing the role of retail investors in driving market dynamics.

Max Guise, Product Lead at Block, dives into the groundbreaking privacy upgrade for BitKey that enhances self-custody without compromising security. He explains how this new chaincode-delegation system keeps user transactions hidden from Block. The conversation also highlights Square's pivotal move to enable Bitcoin payments, eliminating merchant onboarding friction. Additionally, Max tackles the risks of mining centralization and shares Proto's mission to diversify hardware options, ensuring a robust and resilient Bitcoin network.

Checkmate, a Bitcoin analyst and co-founder of CheckOnChain, along with Alec Dejanovic, also a co-founder of CheckOnChain, dive into the intricacies of Bitcoin's current market dynamics. They discuss the massive sell-off by long-term holders and the absorption of that sell pressure by banks and sovereigns. Checkmate reveals that 70% of Bitcoin's cost basis sits above $85K, while the true market mean is at $82K. The conversation also touches on market psychology, historical bottom formations, and the implications of ETFs reshaping Bitcoin's landscape.

Mark Suman, co-founder of Maple and former Apple engineer, dives into the intersection of AI and privacy. He reveals how Big Tech and governments are crafting a surveillance system through data harvesting. Discussing the realities of AGI, he emphasizes the need for open-source, privacy-focused AI solutions. Suman connects Bitcoin's ethos to Maple's mission, highlighting how anonymous accounts are only feasible with cryptocurrency. He warns against the risks of hyper-personalized AI persuasion and stresses the importance of verifiable models in safeguarding privacy.

In this discussion, Lyn Alden, a macroeconomist and author of 'Broken Money', delves into the shifting landscape of global liquidity. She explains the end of quantitative tightening and its implications for Bitcoin and gold. Lyn analyzes why Bitcoin may be stagnating this year due to changes in liquidity and AI's impact on investment flows. She also discusses gold's recent surge, attributing it to fears around fiscal dominance. With insights on market cycles and the future of interest rates, Lyn provides a compelling outlook for both Bitcoin and gold.